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Mergers & Acquisitions

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Deal Overview

Buyer:
First Midwest Bancorp, Inc.
Actual Acquirer:
First Midwest Bancorp, Inc.
Target:
Bridgeview Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/6/2018
Announcement Date:
12/6/2018
Announced Deal Value ($ M):
144.61
Status:
Completed
Completion Date:
5/9/2019
Announced Deal Value Per Share ($ )
7.89

Consideration Breakout
Cash ($M) 28.4
Common Stock ($M) 99.2
Common Stock Issued 4,728,541

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 128.2 129.1
Price / Tangible Book (%) 128.2 129.1
Price / Earnings (x) NM NM
Price / Deposits (%) 13.33 13.70
Price / Assets (%) 11.48 11.90
Tangible Book Premium/ Deposits (%) 3.42 3.64
Deal Terms
Description of Consideration

First Midwest Bancorp Inc. exchanged 0.2767 shares and paid $1.66 in cash for each share of Bridgeview Bancorp Inc. Target’s financials are for Bridgeview Bank Group.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 60,729
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 52,150
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 6,400
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.276700
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 15,603
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Chapman & Cutler LLP
Seller Yes Vedder Price PC